David Geller Why David Geller Says You Should Sell Lab-Grown Diamonds You’re a merchant, so sell the customer what they want. Published 2 years ago on April 23, 2019 By David S. Geller Instore May 2019 Issue Share Tweet ONE OF THE JEWELER pages on Facebook has been discussing whether a store should stock and sell lab-grown diamonds. The dad says no, while the millennial son says, “I think we should try it.” The reader vote is split about 50/50. Can we talk about making a living here for a moment? And selling consumers what they want? Jimmy Degroot Video: Sharpen Your Bridal Jewelry Presentations Jimmy Degroot Video: Maximize on the Opportunities That 2020 Brought the Jewelry Industry Jimmy Degroot Video: Sales Management Master Class Taught by Jewelry Professionals Begins Feb. 16 Customers want to know their options and make their own decisions. Be their personal shopper. I started in 1974 as a trade shop. I used to do work for a store at our mall, Wellington Jewels. I sized the gold rings they sold and set stones. What stones? Strontium titanate. It’s a diamond simulant that has colors like an opal. Hardness on Mohs’ scale? About 5.5! But sparkle, oooh weeee! The store was mostly black walls and showcases, with bright lights to make the stones pop. They made great money, and these are diamond look-alikes with the hardness of an opal. The mountings were 14K gold with real melee diamonds. They didn’t sell much fashion, which I told them was crazy, because a woman can only buy so many engagement rings. Advertisement I became friendly with the store manager and she agreed. So I ordered a dozen at a time in fashion mountings from a catalog, furnished the mountings and diamond melee, and she gave me center stones, which I set. They’d sell most of each dozen I gave them within five weeks. So let’s talk profits on this product. All merchandise was quadruple markup. They gave a lifetime warranty on these stones. If the stone scratched or chipped or fell out, they’d replace them for 50 percent of the price (so they still made keystone). This was junk compared to lab-created diamonds. Remember: a lab-created diamond will last as long as the human does. What about resale value? Well, they can’t get their money out of what they spent on your natural diamond, so try lab-created, make a better margin and keep that young person from buying it someplace else. When you quote a price to a customer for anything, you may be thinking, “They aren’t talking. Maybe I should come down on the price. OMG I need to make payroll this Friday.” Advertisement They may be thinking: “Darn, my student loan note is due at the end of the month. Maybe I should opt for a lab-created diamond. I can’t tell the difference and we need to save for a house.” Be their personal shopper, make a customer happy and make some money! Related Topics: Featuredstrategy click to Comment(Comment) Up Next How Much Should Jewelry Salespeople Earn? Here’s How to Calculate Don't Miss How Geller’s Blue Book Came Out of Abject Failure David S. Geller David Geller is a 14th-generation bench jeweler who produces The Geller Blue Book To Jewelry Repair Pricing. David is the “go-to guy” for setting up QuickBooks for a jewelry store. Reach him at [email protected]. Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. Our experience was a tremendous success.” You may like Take A Tip From A Massage Therapist 6 Actions That Could Improve Your 2021 Here’s What To Keep In Mind As You Prepare For Your Business Tax Return Promoted Headlines Digital Warrior: A Conversation with GemFind’s Alex Fetanat GemFind A Sales Meeting Platform for The 21st Century The Plumb Club With Average Retails of $250, This Is One Brand You Won’t Want to Miss! 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